AN ACT ELIMINATING A TOWN'S ABILITY TO PHASE IN A REAL PROPERTY ASSESSMENT DECREASE.

SUMMARY:

This bill eliminates a municipality's authority to phase in all or part of the decreases in real property assessments after a property revaluation. PA 12-2, June 12 Special Session, gave municipalities the option to do so, using methods that are comparable to those the law allows for phasing in increases in property values.

EFFECTIVE DATE: July 1, 2013, and applicable to assessment years beginning on or after that date.